Parliamentary Public Accounts Committee:
- The Public Accounts Committee is a committee of elected members of Parliament constituted by the Parliament of India for the purpose of auditing the revenue and expenditure of the Government of India.
- There are various parliamentary level committees to examine the functioning of regulatory bodies like SEBI and TRAI.
- The role of the Parliamentary Public Accounts Committee is to consider the reports of the Auditor General.
- 15 members from Lok Sabha and 7 members from Rajya Sabha are elected annually to the Public Accounts Committee.
- The term of office of the members is one year. The Chairman of the Committee is appointed by the Speaker of the Lok Sabha.
- Since 1967, the committee has been chaired by a person from the opposition party. A minister cannot be a member of this committee.
- If a member of the Public Accounts Committee takes office as a minister, a new member should be elected in his place.
- The Public Accounts Committee reviews the budget of the Government on the basis of the report submitted by the Auditor General of India.
- Parliament empowers the Government of India to levy taxes through the Finance Act and to incur expenditure by each Ministry through the Appropriation Act.
Stock and Exchange Board of India (SEBI):
- The Securities and Exchange Board of India is the regulatory body that regulates the stock markets and financial markets in India.
- Headquartered in Mumbai.
- The Securities and Exchange Board of India (SEBI) was established by the SEBI Act, 1992, on April 12, 1992, as the regulatory authority for the stock market in India.
- It was introduced to promote transparency in the Indian investment market.
- The Government of India conferred new regulatory powers on SEBI in 2014.
- It allows for search and seizure operations and applies harsher penalties for fraudulent markets and insider trading.
- SEBI is considered as one of the top regulatory authorities in the world and plays an important role in the development and regulation of the Indian securities market.
Important Facts:
- The 12th Transport Infrastructure Technology Expo was held in Delhi.
- Prime Minister Narendra Modi inaugurated the National Learning Week in Delhi on October 19. More than 7,50,000 skill trainings have been completed during the National Learning Week (Kamayogi Saptah).
- Chandrachud, who is currently the Chief Justice of the Supreme Court, will retire and Sanjiv Khanna will take over as the 51st Chief Justice of the Supreme Court.
- UN Secretary General Antonio Guterres.
- Brazil, Russia, India, South Africa, China, Iran, Saudi Arabia, Ethiopia, Egypt, United Arab Emirates are members of BRICS.
- The Union Cabinet approved the setting up of a Rs 1,000 crore venture capital fund to help start-up space-based innovation companies.
- The Supreme Court ruled that Aadhaar cannot be accepted as a document for determining age.
- India won the hockey match against defending world champions Germany.